With another highly publicized moratorium starting here in California on June 15th; many buyers, sellers, and real estate professionals have wondered how big the impact will be on the housing inventory here in the Sacramenot area.

It seems the impact has already been felt and dealt with.

Lenders and loan services that already have a comprehensive loan modification program in place are exempt from the law. So most banks, lenders and servicing companies, even if they did not have one in place originally, have put one in place since the law was written in February when The California Foreclosure Prevention Act was included in legislation was passed that approved the state budget. The moratorium started on June 15.

The law calls for specific programs and loans to be modified by lowering interest rates for at least five years, deferring or reducing part of the principal, or providing for up to 40 years to repay the loan.

“The vast majority of them are already in compliance with some regulation or requirement, either through federal laws or voluntary efforts,” said Chris George, president of San Ramon-based CMG Mortgage Services and a board member of the California Mortgage Bankers Association.

I just feel that the foreclosures across the nation are getting out of hand. My neighborhood has had several foreclosures in the past year and there lawns are now dead with weeds growing everywhere there is dirt. This does not just effect the person who lost there home but also the people in the neighborhood who are stuck next to there home.

I was under the impression that Obama’s plan was suppose to help these people keep their homes. I almost feel that the bail out on the banks has made them stingier. I feel like you can not even get a loan modification on your own now. I found the best way was to find somewhere with an on staff attorney to fight the bank for you.

Even though some are getting out of this mess I still feel like the banks need to be more helpful because even when a home is foreclosed the banks don’t know how to turn around and sell it because they are in the banking business not in the real estate business.

I just feel that the foreclosures across the nation are getting out of hand. My neighborhood has had several foreclosures in the past year and there lawns are now dead with weeds growing everywhere there is dirt. This does not just effect the person who lost there home but also the people in the neighborhood who are stuck next to there home.

I was under the impression that Obama’s plan was suppose to help these people keep their homes. I almost feel that the bail out on the banks has made them stingier. I feel like you can not even get a loan modification on your own now. I found the best way was to find somewhere with an on staff attorney to fight the bank for you.

Even though some are getting out of this mess I still feel like the banks need to be more helpful because even when a home is foreclosed the banks don’t know how to turn around and sell it because they are in the banking business not in the real estate business.